PT GUDANG GARAM TBK |
End-of-day quote
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|
5-day change | 1st Jan Change | ||
| 19,100 IDR | -0.26% |
|
-2.30% | -6.03% |
| Mar. 28 | PT Gudang Garam Tbk Reports Earnings Results for the Full Year Ended December 31, 2023 | CI |
| 2023 | PT Gudang Garam Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023 | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 101,976,664 | 78,887,608 | 58,877,093 | 34,633,584 | 39,107,089 | 36,750,081 | - | - |
| Enterprise Value (EV) 2 | 115,818 | 80,299 | 64,810 | 40,363 | 39,107 | 40,304 | 40,279 | 36,750 |
| P/E ratio | 9.37 x | 10.3 x | 10.5 x | 12.5 x | 7.35 x | 6.53 x | 5.84 x | 6.16 x |
| Yield | 4.91% | - | 7.35% | 12.5% | - | 11.2% | 8.08% | 11.6% |
| Capitalization / Revenue | 0.92 x | 0.69 x | 0.47 x | 0.28 x | 0.33 x | 0.32 x | 0.28 x | 0.29 x |
| EV / Revenue | 1.05 x | 0.7 x | 0.52 x | 0.32 x | 0.33 x | 0.35 x | 0.31 x | 0.29 x |
| EV / EBITDA | 6.58 x | 6.29 x | 6.48 x | 5.99 x | 3.77 x | 3.8 x | 3.4 x | 3.67 x |
| EV / FCF | 18.7 x | 6.62 x | 166 x | 9.08 x | - | 13.2 x | 10.6 x | - |
| FCF Yield | 5.34% | 15.1% | 0.6% | 11% | - | 7.57% | 9.45% | - |
| Price to Book | 2 x | 1.35 x | 0.99 x | 0.6 x | - | 0.59 x | 0.56 x | 0.57 x |
| Nbr of stocks (in thousands) | 1,924,088 | 1,924,088 | 1,924,088 | 1,924,088 | 1,924,088 | 1,924,088 | - | - |
| Reference price 3 | 53,000 | 41,000 | 30,600 | 18,000 | 20,325 | 19,100 | 19,100 | 19,100 |
| Announcement Date | 3/30/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/28/24 | - | - | - |
1IDR in Million2IDR in Billions3IDR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 110,524 | 114,477 | 124,881 | 124,683 | 118,953 | 114,414 | 130,295 | 125,659 |
| EBITDA 1 | 17,603 | 12,771 | 10,009 | 6,743 | 10,362 | 10,613 | 11,844 | 10,012 |
| EBIT 1 | 15,073 | 10,046 | 7,113 | 3,771 | 7,261 | 7,981 | 8,477 | 7,523 |
| Operating Margin | 13.64% | 8.78% | 5.7% | 3.02% | 6.1% | 6.98% | 6.51% | 5.99% |
| Earnings before Tax (EBT) 1 | 14,488 | 9,663 | 7,287 | 3,647 | 6,861 | 7,741 | 8,080 | 7,688 |
| Net income 1 | 10,881 | 7,648 | 5,605 | 2,780 | 5,325 | 5,601 | 6,256 | 5,966 |
| Net margin | 9.84% | 6.68% | 4.49% | 2.23% | 4.48% | 4.9% | 4.8% | 4.75% |
| EPS 2 | 5,655 | 3,975 | 2,913 | 1,445 | 2,767 | 2,927 | 3,270 | 3,101 |
| Free Cash Flow 3 | 6,187,576 | 12,126,298 | 390,595 | 4,444,108 | - | 3,049,306 | 3,808,384 | - |
| FCF margin | 5,598.41% | 10,592.75% | 312.77% | 3,564.33% | - | 2,665.15% | 2,922.89% | - |
| FCF Conversion (EBITDA) | 35,151.36% | 94,948.24% | 3,902.36% | 65,904.7% | - | 28,732.82% | 32,154.07% | - |
| FCF Conversion (Net income) | 56,867.44% | 158,560.85% | 6,968.3% | 159,875.01% | - | 54,439.75% | 60,871.36% | - |
| Dividend per Share 2 | 2,600 | - | 2,250 | 2,250 | - | 2,133 | 1,543 | 2,214 |
| Announcement Date | 3/30/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/28/24 | - | - | - |
1IDR in Billions2IDR3IDR in Million
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2023 Q2 | 2023 S1 | 2023 Q4 |
|---|---|---|---|---|
| Net sales 1 | 31,484 | 26,120 | 55,851 | 37,204 |
| EBITDA | - | - | - | - |
| EBIT 1 | 2,334 | - | - | 1,282 |
| Operating Margin | 7.41% | - | - | 3.45% |
| Earnings before Tax (EBT) | - | - | - | - |
| Net income 1 | - | 1,325 | 3,288 | 867.3 |
| Net margin | - | 5.07% | 5.89% | 2.33% |
| EPS | - | - | - | - |
| Dividend per Share | - | - | - | - |
| Announcement Date | 10/29/21 | 7/31/23 | 7/31/23 | 3/28/24 |
1IDR in Billions
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 13,841 | 1,412 | 5,933 | 5,729 | - | 3,554 | 3,529 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.7863 x | 0.1105 x | 0.5928 x | 0.8497 x | - | 0.3349 x | 0.298 x | - |
| Free Cash Flow 2 | 6,187,576 | 12,126,298 | 390,595 | 4,444,108 | - | 3,049,307 | 3,808,384 | - |
| ROE (net income / shareholders' equity) | 22.7% | 14% | 9.52% | 4.75% | - | 9.11% | 10.5% | 9.3% |
| ROA (Net income/ Total Assets) | 14.7% | 9.75% | 6.67% | 3.11% | - | 6.63% | 6.71% | 7.2% |
| Assets 1 | 73,872 | 78,419 | 84,078 | 89,264 | - | 84,447 | 93,266 | 82,861 |
| Book Value Per Share 3 | 26,470 | 30,416 | 30,814 | 30,069 | - | 32,553 | 33,935 | 33,303 |
| Cash Flow per Share | 5,808 | 9,084 | 2,768 | 5,129 | - | - | - | - |
| Capex 1 | 4,987 | 5,351 | 4,935 | 5,424 | - | 7,137 | 5,784 | 7,123 |
| Capex / Sales | 4.51% | 4.67% | 3.95% | 4.35% | - | 6.24% | 4.44% | 5.67% |
| Announcement Date | 3/30/20 | 3/31/21 | 3/31/22 | 3/31/23 | 3/28/24 | - | - | - |
1IDR in Billions2IDR in Million3IDR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
19,100
IDR
Average target price
24,980
IDR
Spread / Average Target
+30.79%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -6.03% | 2.27B | |
| +7.54% | 74.51B | |
| -4.78% | 65.87B | |
| +14.60% | 47.11B | |
| +2.30% | 7.29B | |
| -6.70% | 5.99B | |
| -4.50% | 2.43B | |
| -29.73% | 1.79B | |
| -3.67% | 1.36B | |
| -11.55% | 1.17B |
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